Articles

Newport Group to Purchase PNC Bank's Vested Interest DC Recordkeeping Business 

Walnut Creek, CA—April 12, 2019—Newport Group, Inc. (“Newport Group”) and PNC Bank, National Association (“PNC Bank”) announced today that the two companies have entered into a definitive agreement by which Newport will purchase the Vested Interest® defined contribution plan recordkeeping business from PNC Bank. Terms of the transaction were not disclosed.

Newport Group in the Spotlight at NAPA's 2019 401(k) Summit

Newport Group's expertise will be front and center at the 2019 National Association of Plan Advisor's (NAPA) 401(k) Summit.

Potential Benefits of Consolidating BOLI Administration with Newport Group

Bank-owned life insurance (BOLI) has been widely accepted by banks of all sizes for well over two decades, and the number of BOLI policies on bank balance sheets has increased steadily during that time. As of September 30, 2018, approximately 3,500 U.S. banks reported owning BOLI, which in aggregate totals over $190 billion of cash value.

Student Loan Obligations Foster New 401(k) Innovation

Abbott Laboratories secured a Private Letter Ruling (PLR) from the IRS, allowing them to make an employer contribution to their 401(k) plan on behalf of employees who are making student loan payments.

The Importance of Fiduciary Governance Advice for Non-Qualified Plans

Non-qualified plans are an excellent tool to help retain, attract and reward executives or highly compensated employees. These plans can provide participants additional tax-deferred benefits above the levels available in their 401(k) plan.

Deep Dive into Executive Compensation: A Case Study

Newport Group helped a large conglomerate see the “big picture” of its executive compensation structure and provided a vision for long term improvements. 

Hardship Distribution Rules Are Changing

Workers who save for retirement in their employer’s 401(k) plan generally don’t have access to their savings until they change jobs or retire – unless they suffer a financial hardship.

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Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services. 

Investment Advisory and fiduciary consulting services are offered through Newport Group Consulting, LLC, a registered investment adviser. Securities are offered through Newport Group Securities, Inc., a dually-registered investment advisor and broker dealer, member FINRA. Securities in California are offered through Newport Securities Insurance Services. For more information about Newport Group Consulting and its services, Newport Group Securities, Inc. or Newport Securities Insurance Services and services offered, please refer to our Form ADV Part 2, which is available by contacting us at 407-333-2905, visit our website at www.newportgroup.com, or advisorinfo.sec.gov.  

Newport Trust Company is a New Hampshire state-chartered trust company Newport Trust Company provides independent fiduciary and trustee services for employee benefit plans.

Newport Group Consulting, LLC, Newport Group Securities, Inc., and Newport Trust Company are subsidiaries of Newport Group, Inc., an Ascensus Company.